State-run Development Bank of the Philippines, the 10th largest lender in terms of assets, said Friday net income in 2019 rose 5.9 percent to P6.06 billion from P5.72 billion in 2018.
DBP president and chief executive Emmanuel Herbosa attributed the increase on the healthy returns in its lending and investment activities, with interest income growing 28 percent to P29.64-billion from P23.22-billion in 2018.
“DBP boosted its lending activities in 2019, in support of the national government’s goal of increasing investments in the infrastructure sector, so as to further build up the economy and promote inclusive growth especially in areas outside of traditional urban centers,” Herbosa said.
DBP has been designated as the country’s infrastructure bank by the government. The bank provides credit support to four strategic sectors of the economy— infrastructure and logistics, micro, small and medium enterprises (MSMEs), social services and community development, and the environment.